AST SpaceMobile (ASTS) reported that 13 BlueBird satellites are currently in orbit, a figure management considers insufficient to begin commercial operations. The company stated on its fiscal Q2 2026 earnings call on August 10, 2026, that it requires approximately 45 to 60 satellites to provide continuous service across the United States, Europe, and Japan. Executives have set a target to have about 45 spacecraft in orbit by early 2027.
This orbital milestone is the primary determinant for the company's transition from development to revenue generation. AST SpaceMobile is building a cellular broadband network in space that works with unmodified mobile phones. The company has secured partnerships with more than 60 carriers, giving it access to a base of over 3 billion subscribers. However, this network has not yet generated consumer revenue. In fiscal Q2 2026, AST SpaceMobile recorded $31.5 million in revenue, derived from U.S. government contracts and infrastructure work for partners. Over the last twelve months, total revenue was approximately $0.1 billion, while the company posted a net loss of about $0.6 billion.
The stock currently trades at a multiple of 147.7 times sales, a significant premium compared to the S&P 500's multiple of 3.0. Shares are also 57.2% below their 52-week high. Investors appear to be pricing in the future revenue management projects to approach $1 billion in the first year of commercial service, a target that depends entirely on the successful deployment of the satellite constellation.
Funding the build-out remains a central concern for shareholders. AST SpaceMobile estimates the average cost per satellite, including launch expenses, at $21 million to $23 million for a planned constellation of more than 90 satellites. This total fleet size exceeds the 45 to 60 needed for initial service. As of June 30, 2026, the company held over $3.7 billion in cash, restricted cash included, bolstered by $1.15 billion raised from convertible notes in July. Management stated this financing is sufficient to complete the full build-out.
Despite this capital, operating expenses are expected to outpace revenue in the near term. Management projects adjusted operating expenses of about $400 million for 2026, excluding the cost of revenue, against revenue guidance of $150 million to $200 million. A shareholder class action is currently alleging that the company misstated its capital and liquidity position.
Deployment challenges persist. AST SpaceMobile relies on outside launch providers and has booked 10 launches with two providers. The company lost BlueBird 7 during a Blue Origin launch in April 2026, resulting in a net loss of $125.9 million after $32.5 million in insurance recoveries. Management noted that per-satellite costs are subject to geopolitical factors.
As of August, BlueBirds 14 through 16 were ready to ship, and the company is working toward assembling six satellites per month. The number of satellites in orbit by early 2027 will be the critical metric for investors. A count significantly below the target of 45 would indicate that commercial service and the associated revenue are delayed beyond management's plan.